External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

External broker reports(aggregated public sources)

As a one-stop financial solution with the vision to be the most valuable securities house, BRI Danareksa Sekuritas (BRIDS) has maintained an excellent track record and extensive experience in the capital market as an underwriter, broker, and financial advisor for individual, institutional, foreign and domestic, private and government clients. Established in 1992, PT Danareksa Sekuritas is a securities company that performs activities as a securities broker, underwriter, or arranger and financial advisor.

Macroeconomics

<ul><li>Divided FOMC reinforces our prolonged Fed hold view, keeping USD firm and limiting near-term support for EM FX, including IDR.</li><li>Improving revenue supports S&amp;P rating buffers, but oil shocks, global yields, and IDR pressure keep downside risks elevated.</li><li>Prolonged supply shocks raise the risk of further non-subsidized fuel adjustments, with wider inflation and policy implications.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Divided FOMC reinforces our prolonged Fed hold view, keeping USD firm and limiting near-term support for EM FX, including IDR.Improving revenue supports S&amp;P rating buffers, but oil shocks, global yields, and IDR pressure keep downside risks elevated.Prolonged supply shocks raise the risk of further non-subsidized fuel adjustments, with wider inflation and policy implications.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

BRIDS Weekly Update Economic & Fixed Income Research Monday, May 4, 2026

<ul><li>BRIDS Market Pulse In the Spotlight Market and Sector Performance JCI fell -2.4% w-w to 6,960, breaching the psychological 7,000 level for the first time since the war began, with YTD losses deepening to -19.5%.</li><li>This week's decline was led by domestic-facing headwinds rather than war escalation, with a broad but more moderate sell off:</li><li>Heavy Equipment (-8.8%) and Auto/ ASII (-5.5%) on UNTR’s 1Q26 earnings miss, Banks (-2.8%) on continued foreign outflow despite in-line 1Q26 earnings, Retail (-3.9%)</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

BRIDS Market Pulse In the Spotlight Market and Sector Performance JCI fell -2.4% w-w to 6,960, breaching the psychological 7,000 level for the first time since the war began, with YTD losses deepening to -19.5%.This week's decline was led by domestic-facing headwinds rather than war escalation, with a broad but more moderate sell off:Heavy Equipment (-8.8%) and Auto/ ASII (-5.5%) on UNTR’s 1Q26 earnings miss, Banks (-2.8%) on continued foreign outflow despite in-line 1Q26 earnings, Retail (-3.9%)Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

BRIDS Market Pulse: Chart of the Week - YTD Sector Performance

<ul><li>Macro Strategy: The Next Constraint IDR weakness reflects external, seasonal, and differential pressures. We shift our pessimistic scenario into the baseline.</li><li>BI is stepping up offshore, onshore, and SRBI measures, with rising SRBI yields signaling a tighter liquidity stance.</li><li>El Niño and higher fertilizer costs could raise food inflation risks, with pressure likely peaking in early of next year. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Macro Strategy: The Next Constraint IDR weakness reflects external, seasonal, and differential pressures. We shift our pessimistic scenario into the baseline.BI is stepping up offshore, onshore, and SRBI measures, with rising SRBI yields signaling a tighter liquidity stance.El Niño and higher fertilizer costs could raise food inflation risks, with pressure likely peaking in early of next year. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<ul><li>IDR weakness reflects external, seasonal, and differential pressures.</li><li>We shift our pessimistic scenario into the baseline.BI is stepping up offshore, onshore, and SRBI measures, with rising SRBI yields signaling a tighter liquidity stance.</li><li>El Niño and higher fertilizer costs could raise food inflation risks, with pressure likely peaking in early of next year. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

IDR weakness reflects external, seasonal, and differential pressures.We shift our pessimistic scenario into the baseline.BI is stepping up offshore, onshore, and SRBI measures, with rising SRBI yields signaling a tighter liquidity stance.El Niño and higher fertilizer costs could raise food inflation risks, with pressure likely peaking in early of next year. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

BRIDS Weekly Update Economic & Fixed Income Research Monday, Apr 27, 2026

<ul><li>Temporary oil relief faded quickly, but Indonesia’s upper-tier fuel hike should generate only modest inflation pressure.</li><li>Stronger data and supply driven inflation keep the Fed sidelined, with easing deferred but hikes still unlikely.</li><li>The next phase of risk assessment will hinge on ratings resilience and confidence in market reform progress.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Temporary oil relief faded quickly, but Indonesia’s upper-tier fuel hike should generate only modest inflation pressure.Stronger data and supply driven inflation keep the Fed sidelined, with easing deferred but hikes still unlikely.The next phase of risk assessment will hinge on ratings resilience and confidence in market reform progress.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

BRIDS Weekly Update Economic & Fixed Income Research Monday, Apr 20, 2026

Indonesia 10Y (GIDR10YR INDEX)

BRIDS Weekly Update Economic & Fixed Income Research Monday, May 4, 2026

Divided FOMC reinforces our prolonged Fed hold view, keeping USD firm and limiting near-term support for EM FX, including IDR.

BRI Danareksa Research

BRIDS Market Pulse: Chart of the Week - YTD Sector Performance

Market and Sector Performance JCI fell -2.4% w-w to 6,960, breaching the psychological 7,000 level for the first time since the war began, with YTD...

BRI Danareksa Research

Macro Strategy: The Next Constraint

Macro Strategy: The Next Constraint IDR weakness reflects external, seasonal, and differential pressures. We shift our pessimistic scenario into...

BRI Danareksa Research

BRIDS Weekly Update Economic & Fixed Income Research Monday, Apr 27, 2026

We shift our pessimistic scenario into the baseline.BI is stepping up offshore, onshore, and SRBI measures, with rising SRBI yields signaling a...

BRI Danareksa Research

BRIDS Weekly Update Economic & Fixed Income Research Monday, Apr 20, 2026

Temporary oil relief faded quickly, but Indonesia’s upper-tier fuel hike should generate only modest inflation pressure. Stronger data and supply...

BRI Danareksa Research